For Big Tech, a penny invested in AI is a penny earned… Maybe. After an indeterminate amount of time. Investors hope.
On earnings calls last week, Amazon, Google, Microsoft, and Meta reported more than $350 billion this year on capital expenditures, or longer-tail investments in a company’s future. All four told investors to expect the number to skyrocket even further next year: Microsoft said “higher,” Amazon an “increase,” Google a “significant increase,” and Meta “notably larger.”
That probably translates to more than $400 billion total for the four companies next year, according to Joe Fath, partner and head of growth at Eclipse VC.
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Read the full story at The Verge.
Original Source: https://www.theverge.com/ai-artificial-intelligence/812455/ai-industry-earnings-bubble-fomo-hype
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